Today: The Bank of New York Mellon Corp Increases Position in Foundation Medicine Inc. (FMI)

The Bank of New York Mellon Corp Increases Position in Foundation Medicine Inc. (FMI)

Bank of New York Mellon Corp increased its position in shares of Foundation Medicine Inc. (NASDAQ:FMI) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 59,522 shares of the company’s stock after buying an additional 74 shares during the period. Bank of New York Mellon Corp owned approximately 0.17% of Foundation Medicine worth $1,112,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Gilder Gagnon Howe & Co. LLC raised its position in Foundation Medicine by 0.7% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,014,913 shares of the company’s stock worth $37,598,000 after buying an additional 13,515 shares during the period. Murphy Michael R increased its stake in shares of Foundation Medicine by 9.3% in the first quarter. Murphy Michael R now owns 1,558,392 shares of the company’s stock worth $28,332,000 after buying an additional 132,029 shares in the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of Foundation Medicine by 21.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 729,310 shares of the company’s stock worth $13,609,000 after buying an additional 128,770 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Foundation Medicine by 2.0% in the first quarter. Geode Capital Management LLC now owns 99,571 shares of the company’s stock worth $1,810,000 after buying an additional 1,919 shares in the last quarter. Finally, Whittier Trust Co. increased its stake in shares of Foundation Medicine by 1.2% in the second quarter. Whittier Trust Co. now owns 39,835 shares of the company’s stock worth $743,000 after buying an additional 483 shares in the last quarter. 30.97% of the stock is currently owned by hedge funds and other institutional investors.

Foundation Medicine Inc. (NASDAQ:FMI) traded down 0.62% during midday trading on Friday, hitting $22.37. 36,148 shares of the stock traded hands. The company’s 50-day moving average is $22.54 and its 200-day moving average is $20.49. Foundation Medicine Inc. has a one year low of $13.34 and a one year high of $25.31. The company’s market cap is $781.32 million.

Foundation Medicine (NASDAQ:FMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by $0.05. The firm had revenue of $28.24 million for the quarter, compared to analysts’ expectations of $26.72 million. Foundation Medicine had a negative net margin of 78.06% and a negative return on equity of 34.56%. The business’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.98) EPS. Equities research analysts expect that Foundation Medicine Inc. will post ($3.12) EPS for the current fiscal year.

Several brokerages have commented on FMI. Zacks Investment Research raised shares of Foundation Medicine from a “sell” rating to a “hold” rating in a research report on Thursday, August 25th. Janney Montgomery Scott cut shares of Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price target for the company. in a research report on Wednesday, August 3rd. BTIG Research reissued a “hold” rating on shares of Foundation Medicine in a research report on Thursday, August 4th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $25.00 price target on shares of Foundation Medicine in a research report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Foundation Medicine presently has a consensus rating of “Hold” and a consensus price target of $20.00.

In other news, CFO Jason Ryan sold 13,863 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $23.92, for a total value of $331,602.96. Following the completion of the sale, the chief financial officer now owns 61,148 shares of the company’s stock, valued at $1,462,660.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Steven J. Kafka sold 2,135 shares of the stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $23.62, for a total transaction of $50,428.70. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.

About Foundation Medicine

Foundation Medicine, Inc is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. The Company’s segment is the business of delivering molecular information about cancer to its customers. Its products provide genomic information about each patient’s individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies.

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